H.R.1424 Emergency Economic Stabilization Act of 2008, 110th Congress

Sponsor:
Patrick Kennedy

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Official Bill Info

Latest Action: Oct 03, 2008
Motion to reconsider laid on the table Agreed to without objection.

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I know the most recent action for this bill is as follows: "Motion to reconsider laid on the table Agreed to without objection." on Oct 03, 2008

Committee Assignment:
House Committee on Education and the Workforce

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This bill has been assigned to the House Committee on Education and the Workforce committee.

Committee Assignment:
House Committee on Education and the Workforce - Health, Employment, Labor, and Pensions

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This bill has been assigned to the House Committee on Education and the Workforce - Health, Employment, Labor, and Pensions committee.

Committee Assignment:
House Committee on Energy and Commerce

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This bill has been assigned to the House Committee on Energy and Commerce committee.

Committee Assignment:
House Committee on Ways and Means

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This bill has been assigned to the House Committee on Ways and Means committee.

Committee Assignment:
House Committee on Energy and Commerce - Health

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This bill has been assigned to the House Committee on Energy and Commerce - Health committee.

This bill's most-recent vote occurred on October 03, 2008,
with a roll call of 263 ayes, 171 nays, and 0 not voting.

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This bill's most-recent vote occurred on October 03, 2008, with a roll call of 263 ayes, 171 nays, and 0 not voting.

H.R.1424 has been viewed 180,396 times on OpenCongress.org, a free, non-partisan resource.

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OpenCongress Bill Summary

This bill would allow the government to use up to $700 billion in taxpayer money - $350 billion initially, and the rest with Congress's approval - to buy troubled assets from struggling financial institutions. It would also establish a program whereby the government would offer insurance to companies for their assets rather than buying them. It would also establish "appropriate standards" for the compensation of executives at companies that sell assets to the government, create a congressional oversight panel and require the government to collect warrants from bailed out companies so they can collect part of any profits that may result from the bailout. The size of bank deposits that the FDIC can insure would also be raised, from $100,000 to $250,000.
Additionally, the bill contains a one-year patch of the alternative minimum tax, a mental health parity provision requiring insures that offer mental health coverage to do so in parity with their medical and surgical coverage, a renewable energy tax credit, tax relief for disaster victims, and many other unrelated tax relief provisions.

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Here's a summary from OpenCongress.org:
This bill would allow the government to use up to $700 billion in taxpayer money - $350 billion initially, and the rest with Congress's approval - to buy troubled assets from struggling financial institutions. It would also establish a program whereby the government would offer insurance to companies for their assets rather than buying them. It would also establish "appropriate standards" for the compensation of executives at companies that sell assets to the government, create a congressional oversight panel and require the government to collect warrants from bailed out companies so they can collect part of any profits that may result from the bailout. The size of bank deposits that the FDIC can insure would also be raised, from $100,000 to $250,000.
Additionally, the bill contains a one-year patch of the alternative minimum tax, a mental health parity provision requiring insures that offer mental health coverage to do so in parity with their medical and surgical coverage, a renewable energy tax credit, tax relief for disaster victims, and many other unrelated tax relief provisions.

Most-commented sections of the bill text

Highest Rated User Comments

On
March 06, 2008,
by
Anonymous
-
Thank goodness this has passed the House! It's a shame that our country has not recognized at least one basic truth: Mental and physical health are NOT mutually exclusive! I am a psychologist who works with children with chronic medical conditions, and anyone in the behavioral medicine arena KNOWS that if mental illness is in the mix, medical health is compromised! I still think it's absurd that they want to be able to cherry-pick what is a "severe" mental illness so insurance co's can opt out of covering a broader range. If we give any optional loopholes for the insurance companies to wiggle out of coverage, they will do so. The argument that practitioners might seek payment for treatment of ALL DSM diagnoses is such a ridiculous argument... At least the first step has been made - let's see if the Congress has the cuhones to push further...

Clicking this will add the following text:

As noted by Anonymous, a user on OpenCongress.org, on March 06, 2008, "Thank goodness this has passed the House! It's a shame that our country has not recognized at least one basic truth: Mental and physical health are NOT mutually exclusive! I am a psychologist who works with children with chronic medical conditions, and anyone in the behavioral medicine arena KNOWS that if mental illness is in the mix, medical health is compromised! I still think it's absurd that they want to be able to cherry-pick what is a "severe" mental illness so insurance co's can opt out of covering a broader range. If we give any optional loopholes for the insurance companies to wiggle out of coverage, they will do so. The argument that practitioners might seek payment for treatment of ALL DSM diagnoses is such a ridiculous argument... At least the first step has been made - let's see if the Congress has the cuhones to push further..."

On
March 13, 2008,
by
Anonymous
-
(greg wells) also from being gay and havein gay sex all day for a nickel i love to go get manicures in my free time

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As noted by Anonymous, a user on OpenCongress.org, on March 13, 2008, "(greg wells) also from being gay and havein gay sex all day for a nickel i love to go get manicures in my free time"

On
March 13, 2008,
by
Anonymous
-
greg wells likes takin it in the ass

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As noted by Anonymous, a user on OpenCongress.org, on March 13, 2008, "greg wells likes takin it in the ass"

H.R.1424: Federal Acquisition Improvement Act of ... - OpenCongress
-
April 06, 2011
by
opencongress.org
-
On October 1, 2008, Kerry voted for S. Amdt. 5685 to H.R. 1424, also known as the "bailout bill." On December 14, 2001, 3 months after the attacks of 9/11, Kerry said on Larry King Live that "I think we clearly have to keep the ...

Clicking this will add the following text:

As noted by opencongress.org on April 06, 2011, "On October 1, 2008, Kerry voted for S. Amdt. 5685 to H.R. 1424, also known as the &quot;bailout bill.&quot; On December 14, 2001, 3 months after the attacks of 9/11, Kerry said on Larry King Live that &quot;I think we clearly have to keep the ..." (/url?q=http://www.opencongress.org/bill/112-h1424/show&sa=U&ei=x7VuT8qqGaz3sQLVz72JBg&ved=0CC4QmAEwAg&usg=AFQjCNHY3mACkMIOt7ce9tmkcB372KFe5Q)

H.R.1424: Federal Acquisition Improvement Act of ... - OpenCongress
-
April 06, 2011
by
opencongress.org
-
On October 1, 2008, Kerry voted for S. Amdt. 5685 to H.R. 1424, also known as the "bailout bill." On December 14, 2001, 3 months after the attacks of 9/11, Kerry said on Larry King Live that "I think we clearly have to keep the ...

Clicking this will add the following text:

As noted by opencongress.org on April 06, 2011, "On October 1, 2008, Kerry voted for S. Amdt. 5685 to H.R. 1424, also known as the &quot;bailout bill.&quot; On December 14, 2001, 3 months after the attacks of 9/11, Kerry said on Larry King Live that &quot;I think we clearly have to keep the ..." (/url?q=http://www.opencongress.org/bill/112-h1424/show&sa=U&ei=GA5uT9b-LKGY2AXdgunxAQ&ved=0CC4QmAEwAg&usg=AFQjCNGohrNl8VOZGf-Ia7sja6tLLPtExA)

Highly Rated News Articles

WETZSTEIN: Glimmers of good in the news of '08
-
December 26, 2008
by
Washington Times,&nbsp;DC
-
In October, President Bush signed HR 1424 to restore confidence in sagging credit markets. Tucked inside was a mental health insurance parity provision, ...

As noted by Global Politician,&nbsp;NY on December 13, 2008, "... Securities Exchange Commission, and Department of Treasury carry out their fiduciary responsibilities under HR 1424 to act as the Financial Stability ..." (http://globalpolitician.com/25311-aig-corporation-sharia)

As noted by MarketWatch on December 09, 2008, "In October, as part of the Emergency Economic Stabilization Act of 2008, HR 1424, a federal-level tax credit for qualified small wind turbines was approved, ..." (http://www.marketwatch.com/news/story/Despite-Tough-Economy-Southwest-Windpower/story.aspx?guid=%7B10681DBB-8ED5-4C54-9C28-88FA52A9733D%7D)

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